LOBLOLLY OR NORTH CAROLINA PINE. 



169 



planting, including seed and labor, does not exceed $3 an acre, the cost 

 of growing 1,000 board feet of timber under an interest rate of 6 per 

 cent a year, in an unthinned stand, is as shown in Table 80. 



Table 80.— Cost Per 1,000 Board Feet of Growing Loblolly Pine in Plantations. 



Quality II. 



Plantations can be made consequently with an initial investment of 

 $13 an acre with the expectation of netting at least 5 per cent, com- 

 pounded, provided there is an increase of $1.50 per 1,000 feet in the 

 price of stumpage in a stand at 35 years; an increase of $1.75 in a 

 stand at 40 years old, and an increase of $2.25 in a stand at 45 years. 

 The increase of $1.50 in 35 years is less than % of one per cent a year 

 on the present value of stumpage per 1,000 feet. The cost of growing 

 on other quality sites can be easily calculated by means of Table 38. 

 The present value of stumpage can be approximated from Tables 59 to 

 64. Tn case stands are thinned the cost of growing is affected as shown 

 in Table 79. 



